Message Of The Week

Note - Obama attacks not effective

Alexi Giannoulias wants to raise your taxes…

• Giannoulias Said That State Income Tax Increases Were Necessary In Order To Fix The Budget Crisis In Illinois.
• Giannoulias, in his own words: “While Politically It Is Not The Smartest Thing To Say, We Need An Income Tax Increase.” (www.youtube.com)
• Giannoulias Would Allow Some Of The Bush Tax Cuts To Expire, which would result in higher taxes for many Illinois families and small businesses
• Giannoulias Praised The Health Care Legislation Signed By President Obama, which will raise taxes over the next ten years by more than a half-trillion dollars.
• Giannoulias Received A $2.7 Million Tax Break Due To The Losses From The Failure Of Broadway Bank.

But when it comes to his, it’s not so simple. Giannoulias received shady tax breaks from work he denied doing at his family bank as it took on huge losses…Tax dodges for Giannoulias, tax hikes for the rest of us.

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Giannoulias Said That State Income Tax Increases Were Necessary In Order To Fix The Budget Crisis In Illinois. “Treasurer Alexi Giannoulias hasn’t played a leadership role in the tax debate, but he does answer the tax question clearly, arguing an income tax increase must be part of the solution with state government drowning in red ink. . . . Giannoulias, the newest of the statewide officials and a likely candidate for U.S. Senate next year, believes state government must cut waste and trim costs where it can, said spokesman Scott Burnham, but it’s simply impossible to cut enough to balance the budget. That makes a tax increase a vital part of any solution. ‘If we don’t address these issues now, the state’s financial health will only get worse,’ Burnham said. ‘We need to address our long-standing budget deficit rather than using accounting tricks, gimmicks and Band-Aids.’” (Christopher Wills, “Ill. Officials Stay On Sideline For Tax Debate,” The Associated Press, 6/9/09)

Watch Giannoulias Say, “While Politically It Is Not The Smartest Thing To Say, We Need An Income Tax Increase.” (www.youtube.com)

Giannoulias Would Allow Some Of The Bush Tax Cuts To Expire. “The Bush tax cuts for the wealthiest Americans generated some of the largest deficits in U.S. history and contributed nearly $2 trillion to our deficits. Those tax cuts were unnecessary and irresponsible, and Alexi would allow them to expire. Any new tax cuts should be geared toward middle-class Americans and small businesses. This would put more money in the pockets of those most likely to spend it, and would support the businesses that are responsible for most new job growth in America.” (Alexi Giannoulias Website, www.alexiforillinois.com, Accessed 10/5/10)

“Giannoulias Told Illinois Agriculture Leaders Wednesday That He Supports Keeping The Estate Tax -- Or ‘Death Tax,’ As Critics Call It.” (“Giannoulias: Shield Family Farms From Estate Tax,” The Associated Press, 8/25/10)

Giannoulias Praised The Health Care Legislation Signed By President Obama. “With the stroke of his pen today, President Obama signed landmark legislation that will ensure that insurance companies can no longer use caps or pre-existing conditions to deny coverage to those who pay their premiums, gouge consumers, or ration care to those who offer the most profit. Small businesses will earn tax credits to provide health insurance for their employees, prescription drugs will be more affordable for seniors, and the federal deficit will be reduced over the next decade.” (Alexi Giannoulias Statement, “Giannoulias Releases Statement On President Obama Signing Historic Health Care Reform Legislation Into Law,” www.alexiforillinois.com, 3/23/10)

“The Historic Overhaul Of The Nation’s Health Care System That President Obama Signed Tuesday, When Combined With The Fixes Making Their Way Through Congress, Will Raise Taxes Over The Next 10 Years By More Than A Half-Trillion Dollars.” (David M. Dickson, “Healthy Tax Increases, Not Only On Wealthy,” The Washington Times, 3/24/10)

Giannoulias Did Not Pay Any State Or Federal Taxes Because Of The Losses At His Family’s Broadway Bank. “Democratic U.S. Senate candidate Alexi Giannoulias didn’t have to pay any state and federal income taxes last year because of big losses tied to his family’s failed Broadway Bank, according to his campaign and tax returns released Friday.” (Ray Long, John Chase, and Ray Gibson, “Wealthy Giannoulias Paid No Taxes Last Year,” Chicago Tribune, 7/2/10)

Giannoulias Also Received A $30,000 Tax Refund As A Result Of The Collapse Of Broadway Bank, Which He Plans To Donate To Charity. “The wealthy state treasurer stands to collect about $30,000 in refunds, but immediately announced he would donate the money to charities. Giannoulias sought to avoid having his tax situation become a campaign issue that could anger voters who make less money, pay their taxes and don’t have much sympathy for a rich guy getting a break.” (Ray Long, John Chase, and Ray Gibson, “Wealthy Giannoulias Paid No Taxes Last Year,” Chicago Tribune, 7/2/10)

“Giannoulias Was Entitled To A Federal Tax Refund Of $25,859 And A State Refund Of $4,512, The Documents Show.” (Christopher Wills and Deanna Bellandi, “Giannoulias Claims $2.7 Million Loss On Tax Forms,” The Associated Press, 7/2/10)

Giannoulias Was Able To Declare No Taxable Income Due To The Losses From The Failure Of Broadway Bank And His Work There In 2006. “Giannoulias, the state treasurer, owed no taxes because his income was wiped out by $2.7 million in losses from the failure of Broadway Bank. No income, no taxes. But the Chicago Tribune reported that Giannoulias was allowed to take that $2.7 million deduction only by declaring he worked 500 hours at the family bank in 2006.” (Christopher Wills, “Tight Races, Difficult Questions,” The Associated Press, 10/3/10)

Giannoulias Admitted He Had No Documentation To Prove That He Worked The Reported 500 Hours At Broadway In 2006. “Giannoulias got the deduction because he claimed to work at the bank for five of the last 10 years logging 500 hours in 2006. . . . When asked about formal records of his hours logged there, he said he could ‘see if there’s still video cameras of me being in the office.’” (Kerry Lester, “Giannoulias, Kirk Stay True To Political Parties On Tax Issues,” The (Chicago, IL) Daily Herald, 10/3/10)

Giannoulias Got A $2.7 Million Tax Break Due To The Losses From The Failure Of Broadway Bank. “Giannoulias, the state treasurer, owed no taxes because his income was wiped out by $2.7 million in losses from the failure of Broadway Bank.” (Christopher Wills, “Tight Races, Difficult Questions,” The Associated Press, 10/3/10)